Xetra (trading system)

With a view to improving the continuity of prices and to avoid mistrades (clearly erroneous trades), several protective mechanisms are in place for the Xetra trading venue. These include volatility interruption, market order interruption, and liquidity interruption measures. Trading on the Xetra trading venue is governed by clear rules, which apply equally for all trading participants. Independent market surveillance is made up of the Trading Surveillance Office (HÜSt), the Exchange Supervisory Authority attached to the Hessian Ministry of Economic Affairs, Transportation, and Regional Development, and the Federal Financial Supervisory Authority (BaFin). == Admission of securities ==

The admission of securities to the Frankfurt Stock Exchange and its trading venues Xetra and Börse Frankfurt does not require separate admission. Newly listed securities at the Xetra trading venue are automatically included in Börse Frankfurt trading. The organising companies of the Frankfurt Stock Exchange are Deutsche Börse AG and Börse Frankfurt Zertifikate AG. Xetra is a registered trademark of Deutsche Börse AG. == Development ==

The Xetra trading technology was positioned as a brand product while it was still being developed. The intention was to be able to better position Xetra among trading participants and in the public eye, and to license it to other exchange operators. The trading technology of Xetra was designed and implemented on the basis of Eurex trading technology; this was undertaken on behalf of Deutsche Börse AG by Andersen Consulting (nowadays Accenture) and Deutsche Börse Systems. == Co-operation partners ==

Through its Deutsche Börse Cash Market business section, Deutsche Börse AG in Frankfurt/Main now operates two trading venues based on the trading technology of Xetra: • Xetra (XETR) is the reference market for German equities and exchange traded funds. == History ==

The trading technology of Xetra replaced the (IBIS) trading platform on 28 November 1997. Advocates cited execution prices in line with the market, low transaction costs, equality, geographical location, and the anonymity of trading partners in its favour. The main challenges discerned were to ensure system stability and availability, scalability, latency, and long-term growth in market activity. The name Xetra was coined by Manfred Gotta. == References ==